The bond markets can perfectly well endure a collapse of the Eurozone, if the way it plays out is that all the non-German members are ejected one by one, with the various three- and four-letter agencies bailing out the holders of these "feckless swarthy Southerners'" bonds. Every time, obviously, with the resolution "never again." Which is an incredible threat, in the game theory definition of that term.

That will be hard on the German (and possibly French) taxpayers. But turkeys don't get to vote on the Thanksgiving menu.